If President Obama Failed to File His 1990 Tax Return He Owes The IRS $125,000

Last fall President Obama challenged Mitt Romney to come clean and release his tax returns so voters would know whether he paid his fair share.  I respectfully ask President Obama to come clean regarding the filing of his 1990 tax return when he signed a six-figure contract book deal with Poseidon Press. Failure to do so would be a violation of Title 26-Internal Revenue Code.

 

GQ Magazine’s November 2009 issue (www.gq.com) reported that President Obama signed a six-figure contract with Poseidon Press on November 28, 1990.  The exact amount was reported as $150,000 by Christopher Andersen in his book Barack and Michelle: Portrait of an American Marriage.  According to Jack Cahill, Barack Obama was advanced $75,000 for the book.  It’s not unusual in the publishing business to receive one-third to one-half of the contract value upfront. However, a $75,000 advance would have required a recent law school graduate strapped with heavy student debt to pay the IRS $25,000 four and ½ months later. Failure to do so would be a violation of Title 26-Internal Revenue Code.  I have been a CPA over 33 years and I’m Certified in Financial Forensics. In 1988 I was hired by the Arizona House of Representative in the Senate Impeachment Trial of Governor Evan Mecham.  My forensic analysis of an improper $80,000 loan from a political protocol fund to a car dealership justified the impeachment of Governor Mecham. 

 

I reviewed the tax returns of both presidential candidates. (www.barackobama.com) During my analysis of President Obama’s 2001 Individual Tax Return, I found 10 math errors.  All of the errors were simple arithmetic errors that would have been prevented with a computerized program such as Turbo Tax. 

 

President Obama’s 2001 tax return wasn’t signed by a paid preparer and it would appear it was prepared by President or Ms. Obama.  I determined that the Obamas prepared three drafts of their 2001 tax return.  The first draft calculated an income tax liability of $79,000.  This would have required taxable income of $271,000.  In contrast, President Obama’s website shows 2001 taxable income of $250,000.   President Obama ended up paying income tax on $21,000 of phantom income that resulted in sending Uncle Sam an extra $7,300.  I think Republicans and Democrats will unanimously agree that President Obama is one of the greatest orators of our time.  The same can’t be said regarding President Obama’s skill as a tax preparer!

 

Based on the fact that President Obama used bits and pieces from three different 2001 tax drafts, made 10 errors, overpaid his taxes by $7,300 by claiming $21,000 of phantom income, it would appear that President Obama lacked the accounting skills to competently prepare his tax return.  If President Obama wasn’t proficient at preparing his taxes in 2001 it’s not a stretch to assume that he wouldn’t have been proficient in 1990.    

 

I believe President Obama’s may have a skeleton in his tax closet from the mishandling of his est. $75,000 book advance from Poseidon Press in November of 1990.   Only  three tax scenarios exist: 1) filed correctly and paid the IRS $25,000, 2) reported income as passive, failed to pay social security taxes and owes the IRS $41,000 or 3) never received 1099 from the publisher, failed to properly report the income and currently owes the US Treasury $125,000.

 

I contacted the IRS and they indicated that the tax records may go back to 1990.  Another method to determine if President Obama paid his “fair share” would be to verify his 1990 earnings with the Social Security Administration.  American taxpayers can decide for themselves whether a young Barack Obama should be given a free pass or if he should be held to the same standard as all Americans

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Comment by Louis Blasiotti on July 29, 2013 at 8:16pm

I AM NOT SURPRISED.  I ONLY KNOW TWO HONEST POLITICANS, I.E.,  Congressman Wolf from Virginia and Virginia State Representative Marshall from Prince William County.

LIGHTER SIDE

 

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ALERT ALERT

YIKES!!! Chelsea Clinton Emphatically States A Person With A Beard And A Penis Can ‘Absolutely’ Identify As A Woman

  • The one issue Hillary and Chelsea don’t appear to agree on entirely is transgender self-identification
  • In an interview with The Sunday Times, journalist Decca Aitkenhead asked the Clintons about transgender self-identification
  • Chelsea Clinton replied ‘yes’ emphatically when asked if someone with a beard and penis can ever be a woman
  • ‘It’s going to take a lot more time and effort to understand what it means to be defining yourself differently,’ Hillary said
  • Aitkenhead said Hillary became ‘uneasy’ when the question was asked while Chelsea shot a ‘furious stare’ at the journalist as her mother answered
  • Hillary added: ‘It’s a very big generational discussion, because this is not something I grew up with or ever saw’

(Daily Mail) – It may appear Hillary and Chelsea Clinton always see eye-to-eye, but in a recent interview one topic cracked the facade of the like-minded mother-daughter power duo.

The one issue Hillary and Chelsea don’t appear to agree on entirely is transgender self-identification.

In an interview with The Sunday Times, journalist Decca Aitkenhead asked the Clintons if someone with a beard and a penis can ever be a woman, to which Chelsea replied emphatically, ‘Yes.’

However, as Aitkenhead describes it, Hillary looked ‘uneasy’, and blamed generational gaps for being less accepting.

‘Errr. I’m just learning about this,’ Hillary responded. ‘It’s a very big generational discussion, because this is not something I grew up with or ever saw. It’s going to take a lot more time and effort to understand what it means to be defining yourself differently.’

The Clintons sat sown with Aitkenhead to promote the book they co-authored, The Book of Gutsy Women: Favorite Stories of Courage and Resilience.

The book features Danica Roem, the first trans woman elected to a U.S. state legislature.

According Aitkenhead’s account, she tells Hillary during the interview that many British feminists of Hillary’s generation have a problem with the idea that a ‘lesbian who doesn’t want to sleep with someone who has a penis is transphobic.’

Hillary nods in agreement, while Chelsea ‘stiffens and stares at me’, according to Aitkenhead.

The journalist then adds that many women of Hillary’s generation are uncomfortable with biological males sharing women’s bathrooms.

‘I would say that, absolutely,’ Hillary nods firmly. ‘Absolutely. Yes.’

That’s when Chelsea begins shooting a ‘furious stare’ at Aitkenhead, who points it out to her.

‘I’m a terrible actor’, Chelsea laughs.

Chelsea then says she is thrilled with the National Health Service’s decision to assign patients to single-sex wards according to the gender they identify as, instead of their biological make up.

‘How can you treat someone if you don’t recognize who they feel and know in their core they are?’ Chelsea says.

‘And I strongly support children being able to play on the sports teams that match their own gender identity,’ she adds. ‘I think we need to be doing everything we can to support kids in being whoever they know themselves to be and discovering who they are.’

At this point Hillary looks conflicted.

‘I think you’ve got to be sensitive to how difficult this is,’ Hillary says. ‘There are women who’d say [to a trans woman], ”You know what, you’ve never had the kind of life experiences that I’ve had. So I respect who you are, but don’t tell me you’re the same as me.” I hear that conversation all the time.’

Despite the clear tension in the room, the pair say they don’t argue about this topic.

But according to Aitkenhead, ‘I get the impression they don’t like to present anything less than a united front to the world.’

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